• KDI Journal of Economic Policy
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• v.27 no.1
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• pp.157-183
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• 2005

Using a multi-sector dynamic stochastic general equilibrium model, we investigate the dynamic effects of a variety of shocks to a small open economy. In particular, we calibrate the model to match the main characteristics of business cycles in Korea and analyze the effects of external shocks: the terms of trade and world real interest rate shocks. Business cycles in Korea more closely follow those of the G7 countries rather than Asian countries. The simulation results suggest that an improvement in the terms of trade has positive impact on investment, output and consumption, while a decrease in the world interest rate has a significant and positive effect on investment. This paper concludes that external shocks significantly influence business cycle fluctuations in Korea.

• Strategy21
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• s.41
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• pp.5-29
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• 2017

The Mahan's seapower theory has been the basis of US Navy to date as it can enjoy the supremacy status in all of the seas of the world. His theory is very straightforward. A nation can be a great country in the world just through the use of maritime commerce that could be protected by a strong and powerful navy. Mahan's theory on seapower was substantiated in the Spanish-American War with respect to how important the naval power is. The best thing to make US a great nation was to make sure that flow of international trade is smooth, and the unhindered trade could be made possible only by the destruction of enemy's fleet that may obstruct the SLOCs. That's why Mahan insisted that a strong navy was needed and a decisive battle by the navy's fleet at sea should be encouraged as a way of ensuring the safety of the SLOCs. The newly-arrived Trump administration seems to be in line with the Mahan's theory seapower in its policy on naval forces structure. It is expected that US will continue to support the Pivot to Asia policy that has been adopted by the previous administration through an increase in its naval fleet forces. The number of US navy ships will be 355 in 2030, rendering it much more powerful navy than before. The catch phrase "3rd Fleet Forward" proposed by the president Trump indicates that two carrier strike groups will be present in the Asia Pacific region, being able to make the confrontation between US and China more tense than before. The presence of the US naval forces in the area may function as some sort of pressure against China that Trump insisted had been responsible for the closure of 60,000 factories and the loss of 3,000,000 jobs in the United States.

• Journal of Fisheries and Marine Sciences Education
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• v.18 no.3
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• pp.244-260
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• 2006

The main objective of this study aims at analyzing the national roles of fisheries in the global economy from the constitutional view point. Globalization provides general firms and businessmen with great opportunities that allow them to be able to plan and operate their business strategies beyond the national boundaries. WTO and FTA negotiations must be important facilitators of such globalization. However, Korean primary industries like fisheries under comparative disadvantage have a high probability that there may have to be the trade-offs between the primary and the industrial sector to maximize national benefits in the process of bilateral and/or multilateral international trade deals. Since, moreover, fishermen face strong binding constraints under which they hardly carry out fishing operations standing aloof from national boarders, they have to manage fishing businesses within their own national territory, to maintain and develop fisheries culture, and to explore their own destiny for themselves. Because of such reasons, the constitution imposes upon the State the duty to support and develop fisheries and fishing villages. Considering its article and spirit associated with fisheries(i.e. article 123), it seems unnecessary at this point in time that Korean society makes debates over national consensus for supporting fisheries. The reason is because the explicit provisions of the constitution do not allow their arbitrary interpretation depending upon interests or policy situations. However, where national support to the particular sector could not meet the expected social value system, there would be a great deal of chance to invite serious societal debates over such national commitment to the fisheries. Therefore, whether using it efficiently and realizing the socially expected policy goals must be a responsibility of both fisheries administration and fishing industries.

• The Journal of the Convergence on Culture Technology
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• v.4 no.4
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• pp.155-160
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• 2018

The article studies the effect of US real effective exchange rate and short-term interest rate on Chnise exports and imports using the EGARCH-GED model. This article analyze the effect of US major economic variables on China's exports and imports as the US pushes for interest rate hikes and worsens trade wars with China. The main results are as follows. The US short-term interest rate has a significant positive effect on China's trade volume. Even in the case of China's exports, US short-term interest rate has a significant positive effect. However, in the case of China's imports, in contrast to exports, US short-term interest rate do not have a significant effects and US real effective exchange rate has a significant positive effect. On the other hand, China's policy interest rate has a negative impact on China's imports and not statistically significant, but it has a significant positive effect on China's exports.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.191-204
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• 2023

Purpose - The purpose of this study was to analyse the relationship between R&D tax support policy and firm innovation activity using data on firms engaged in 12 national strategic technology sectors. Design/methodology/approach - This study collected survey data from 664 companies engaged in national strategic technologies. The data were then analysed using the Propensity Score Matching (PSM) analysis. Findings - First, corporate R&D tax support had a statistically significant positive (+) relationship with firm innovation performance. Second, there was a statistically significant positive (+) relationship with incremental innovation, but there was no statistical significance with radical innovation. Third, there was a statistically significant positive (+) relationship with the firm's first innovation, but there was no statistical significance with the world's first innovation. Fourth, there was a statistically significant positive (+) relationship with the number of R&D projects of a firm. Finally, there was a statistically significant positive (+) relationship with a firm's open innovation. Research implications or Originality - First, in terms of policy effectiveness, the government needs to consider promoting R&D tax support policies in areas where R&D competition is fierce. For private companies engaged in the 12 national strategic technology fields, the R&D tax support policy is working in the direction of promoting corporate innovation activities, and this positive policy effect is likely to be effective in areas where R&D competition is fierce. Second, if the government wants to improve the quality of corporate innovation activities through R&D tax support policies, it needs to provide incentives higher than the current level.

• Informatization Policy
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• v.30 no.4
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• pp.40-61
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• 2023

The adoption of smart factories and smart manufacturing as strategies to enhance competitiveness and stimulate growth in the manufacturing sector is vital for a country's future competitiveness and industrial transformation. The government has consistently pursued smart manufacturing innovation policies starting with the Manufacturing Innovation 3.0 strategy in the Ministry of Industry. This study aims to identify policy areas for smart factories and smart manufacturing based on technical standards. Analyzing policy areas at the current stage where the establishment and support of domestic standards aligning with international technical standards are required is crucial. By prioritizing smart manufacturing process areas within the industry, policymakers can make well-informed decisions to advance smart manufacturing without blindly following international standardization in already well-established areas. To achieve this, the study utilizes a hierarchical analysis method including expert interviews and importance-performance analysis for the five major process areas. The findings underscore the importance of proactive participation in standardization for emerging technologies, such as data and security, instead of solely focusing on areas with extensive international standardization. Additionally, policymakers need to consider carbon emissions, energy costs, and global environmental challenges to address international trends in export and digital trade effectively.

• Korea Trade Review
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• v.43 no.1
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• pp.47-67
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• 2018

This study analyzed whether the poverty level among Asian countries has converged, by using data for the 'globalization period'. In particular, we analyzed the impact of trade on convergence by quantitative analysis using two indices; the head count ratio (H) and the human development index (HDI). The σ-convergence measurement and β-convergence measurement method, commonly used in the field of economic growth, are used for the analysis method. Results show that poverty rates have declined on average during the analysis period and there has been an increase in HDI. It seems that there has been improvement regarding poverty. However, this trend is only an indication of the average trend of Asian countries as a whole. As for the convergence between countries, which is the focus of this study, the HDI index shows the converges among countries while the H index does not show significant convergence among countries. It is also difficult to determine that trade has a statistically significant impact on the poverty rate convergence. However, in the case of HDI convergence, trade has contributed to increasing the convergence rates. This results might show that globalization does not guarantee the convergence among countries, and thus, we need to have additional policy in order to reduce the poverty.

• Korean journal of communication and information
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• v.22
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• pp.77-106
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• 2003

As globalization of communication is going on and as the media have become increasingly central to the world economy, media policy matters have become the province of world economic organizations like the IMF and the WTO. The WTO service negotiation is focused primarily on the discriminatory and quantitative barriers associated with the trade of audiovisual services. Domestic measures such as subsidization, content regulation including quotas, and licensing requirements and restrictions on foreign ownership and control are at issues here. These measures have been successfully implemented by countries wishing to withstand competition from the American audiovisual industry. The debate about trade in audiovisual services is permeated by the unstated assumption that these programs are pure commodities whose production, distribution, exhibition and in turn, values are solely determined by the market forces. It is therefore presumed that liberalization of trade in audiovisual services will benefit all, serving cultural pluralism and diversity as well as economic efficiency. However, this assumption is not shared by developing countries, the recipients of U.S. television material. They argue audiovisual sector requires a social and cultural approach, since it plays a key role in the preservation of people's identity and social bonds. They claim that it is the each state's right to define its media policy and to implement it through the means it considers fit. These clashing views over the nature of the audiovisual material and the ways in which protect cultural pluralism and diversity do not confine to be the realm of theoretical debate. Each state's interest and motivation to protect its local industry and to have a competitive advantage in the international market is working in this battle. Consolidation with the countries like Australia, Canada, and EU nations, in favour of cultural exemption, seems to be the best policy for us. However, we are not entirely free from the WTO pressures, considering relation to the U. S. This study analyzes Korean Broadcasting Law compared with those of other OECD countries and tries to propose some strategical guidelines facing WTO service negotiation in the area of broadcasting.

• Korea Trade Review
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• v.45 no.4
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• pp.137-152
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• 2020

The increase in national income, the expansion of transportation network, the increase in leisure time, and the influx of foreign tourists in the era of internationalization, the influx of the outside population of Jeju region increased rapidly until 2020. However, the corona 19 (Covid-19) incident that began in January 2020 has hit the entire industry, and the tourism industry in Jeju has also been greatly damaged. However, in the second half of 2020, with some calming of the Corona 19 situation and difficult to leave overseas, the number of visitors to Jeju Island is increasing again as Koreans choose Jeju Island as their domestic tourism. This study analyzed the capacity of Jeju's external population based on the Contingent Valuation Method, and based on this, attempted to suggest policy recommendations for Jeju. The size of accommodations such as the density of visitors, toilets, and rest areas were excluded from consideration, and the level of securing the parking lot already exceeded the capacity, and the rate of securing the parking lot was 93.4%. In the case of accommodation, the total number of available rooms is 88,691, even if one guest per room is assumed, which is 32,372,215 per year, which is sufficient in terms of visitor capacity. To analyze the aspects of psychological capacity, this study analyzed whether the residents are feeling psychological discomfort through three methods of road congestion, garbage disposal, and sewage treatment through Contingent Valuation Method. However, the inconvenience caused by the increase of visitors and the effect of continuous population influx is working in combination, and it has the limitation that the effects of these independent factors cannot be specifically separated. As a result of the study, discomfort has already been recognized in terms of psychological capacity among the factors of capacity, and it was estimated that a cost of about 45 billion won per year was incurred as a result of deriving psychological costs through Contingent Valuation Method. In the future, a policy review is needed to resolve or maintain the perception of this discomfort through continuous management. Accordingly, it is necessary to recognize that the increase of visitors leads to the psychological discomfort of the residents, and to seek a policy alternative that can simultaneously increase the number of visitors and the comfort of the residence.

• International Commerce and Information Review
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• v.17 no.2
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• pp.151-171
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• 2015

Recent companies have introduced AEO (Authorized Economic Operator) system for a smooth and fast customs clearance to meet the conflicting objectives of trade security and trade facilitation in international trades. The present study was to verify 150 companies that have acquired Korea's AEO certification and its impact from the government and financial support, the effects of AEO certification post management, and the AEO system's utilization satisfaction to seek ways to further activate the AEO system. The research hypothesis and model was derived on the basis of existing theory and empirical research, and obtain the following results. First, government policy supporting the AEO system after certification post management showed positive (+) effect for the AEO satisfaction. Second, AEO certification post management showed positive (+) effect for AEO satisfaction. Third, government funded factor showed negative (-) effect for AEO certification post management. The present study is differentiated from previous research information. The study evaluated the company's satisfaction with the AEO certification, and the government support has empirically evaluated the relationship between the post management and the satisfaction. Academic contribution was conducted for Korea's AEO system's post follow-up research while a practical contribution suggested the direction for our country's organization to take advantage of the AEO system.